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Form 5471 Schedule H – Current Earnings and Profits or Taxable Income
Tax adjustments are entered in a journal entry format, with 1 side impacting an income statement account and the other side impacting a balance sheet account. This produces the book/tax reconciling differences that appear on various forms. For each tax adjustment, under
Tax Return Presentation
on the Foreign
tab, all TRCs and TCCs default to no selection, preventing the adjustment amounts from transferring under TAS
in WTB
for Tax Return: 5471
and View by: Schedule H
in column Tax Adjustment
. Select a 62-xxx
series TRC
to identify the Form 5471 Schedule H
line where the adjustment will populate. Select the related TCC
.
TRCs flow to 5471 Schedule H as follows:
Tax Return Line | Included TRCs |
|---|---|
2a Capital gains or losses | 62-100 |
2b Depreciation and amortizations | 62-102 |
2c Depletion | 62-104 |
2d Investment and incentive allowance | 62-106 |
2e Charges to statutory reserves | 62-108 |
2f Inventory adjustments | 62-110 |
2g Income Taxes | 62-112 |
2h Foreign currency gains or losses | 62-113 |
2i Other | 62-190 |
5b DASTM Gain/Loss | 62-114 |
Tax adjustments are defined within ONESOURCE Income Tax using accounts in the Federal Chart and are entered in total. For tax year 2020, E&P adjustments are reported in total on lines 1 through 5b and 5d with current earnings and profits reported by basket on lines 5(c)(i) through 5(c)(iii).
During Subpart F calculations, each Federal Chart Income Statement account in a tax adjustment is traced to the related International Summary Chart account using the Federal/International Chart Cross Reference. Once an international account is identified, the federal account amount is allocated using the basket ratios on the E&P by Basket – after Dividend Look Thru Report. If sourcing is not available (such as when a federal account is not cross-referenced to an international account or when an international account balance has been eliminated due to intercompany transaction netting), the federal account balance will be assigned to the general limitation basket.
Use the
Subpart F > Form 5471 and 8858 Reports > Form 5471 Schedule H by Basket Report
to review the amounts that transfer to Organizer. The report mirrors the Working Trial Balance Schedule H view with data broken down by TRC (Schedule H lines 2a-2i) by row and baskets appearing as separate columns. Data in the Total
column flows to Schedule H lines 1 & 2a-2i with the basket totals on the report line Current Year E&P
transferred to Schedule H lines 5(c)(i)-5(c)(iii).When
International Compute > Transfer to US5471, US8865, US8858
is run, amounts are pushed to the “face” of the Schedule H in Organizer (not hidden screens as is the case with Schedule C & F). FOGI balances are included in the amounts reported in the General Limitation basket on line 5(c)(i). While U.S. or treaty basket amounts (if used) flow to Schedule H lines 1 and 2a-I of the schedule, the amounts will not be reported in the basket breakdown on line 5(c). The system will generate a comprehensive edit error if GILTI and Foreign Branch Income source codes are used in a legal entity that is not a foreign partnership with at least 1 direct FTC owner.note
Before transferring new results, the International Compute deletes all existing information in the schedule. If you enter manual overrides in Organizer, you must check the
Schedule H
option on the INTL Transfer Options
page in Organizer on the 5471
navigation tree to prevent additional transfers to the schedule from International Computes. If you don’t select the Schedule H
option, you will lose any Organizer overrides (even if the Organizer field is locked) when you next run International Compute \ Transfer to US5471, US8865, US8858
for the binder.This article applies to:
- Product: ONESOURCE Income Tax
- Return type: international